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The Daily Guard
Batesville, Independence County, Arkansas
What is this article about?
In Galveston, Texas, on Oct. 23, farmers protest the Farmers' Union Warehouse Company's halt on cotton advances, threatening to sell nearly 1,000,000 bales and drop prices to 8 cents or less. Banking interests offered financing if headquarters moved from Houston.
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FARMERS THREATEN TO PUT THEIR COTTON ON THE MARKET.
Galveston, Tex., Oct. 23.—The announcement from the Farmers' Union Warehouse Company that no more money will be advanced on cotton held for higher prices has aroused a bitter protest from the farmers. Very few of them can afford to hold their cotton indefinitely without an advance, and they threaten to put it on the market.
Galveston banking interests offered to finance the entire crop of Texas upon condition that the headquarters of the warehouse company is established in this city. The officers of the company claim they could not move the central warehouse from Houston, and the farmers accuse the warehouse promoters of political intrigue in maintaining the central warehouse in Houston, where the banks have refused to advance loans on the cotton.
There are now nearly 1,000,000 bales of cotton held in warehouses waiting for the market to reach 15 cents. Loans averaging $35 a bale have been made on a little less than half the cotton in warehouse. If this cotton is placed on the market it is feared the price will drop to 8 cents or less.
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Where did it happen?
Domestic News Details
Primary Location
Galveston, Tex.
Event Date
Oct. 23.
Outcome
nearly 1,000,000 bales held in warehouses; loans on less than half; potential price drop to 8 cents or less if sold.
Event Details
The Farmers' Union Warehouse Company announced no more advances on cotton held for higher prices, prompting bitter protest from farmers who threaten to market it. Galveston banks offered to finance the Texas crop if headquarters moved from Houston, but company officers refused, accused of political intrigue. Banks in Houston refused loans on the cotton.